STM Group Plc (LON:STM), the cross-border financial services provider, at the Annual General Meeting, to be held at 10am today, the Chairman, Duncan Crocker will make the following statement:
“I am pleased to confirm that the Group continues to perform in line with management’s expectations as we approach the end of the first half of our financial year. The key deliverables of our three-year strategy remain the focus of the business, and we have achieved a number of milestones during the first six months of 2021.
“Notably, the four large IT projects to move our administration systems on to our chosen platforms are in the final stages of completion, and we have achieved one of our stated aims of exiting the Corporate and Trustee services sector.
“Our focus going into the second half of 2021 is to accelerate new business revenue so as to improve profit margins against our cost base, which is largely fixed, and will invariably mean some refinement to our operating model. We will continue to seek opportunities to expand our distribution reach and product range by partnering with firms that wish to offer a pension or life wrapper solution to their client base.
“We remain committed to improving our overall capital management structure, and to delivering earnings enhancement from further acquisitions.
“None of this would be possible without the hard work of the management team and my STM colleagues as a whole, and I would like to thank them for the continued progress that we have made despite the ongoing challenges that Covid-19 has created.
“I look forward to STM Group issuing a more detailed trading update as part of a pre-close statement for the half year ending 30 June 2021.”